Growth spurt sends Nasdaq 100 near record versus the Dow
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:15 p.m. (1:15 p.m.) on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube.
“The dominant theme in recent months has been growth, not quality” in U.S. stocks, according to Ari Wald, Oppenheimer & Co.’s chief technical analyst. He drew the conclusion in a weekend report that compared the Nasdaq 100 Index with the Dow Jones Industrial Average. The ratio between the two U.S. equity benchmarks closed a week ago at its highest level since March 2000, according to data compiled by Bloomberg. The milestone followed a 16% rally from this year’s low, set May 10. Faster-growing companies are poised to sustain their strength, Wald wrote, as the dollar rises and inflation slows.